Per a recent Pensions & Investments report, Fidelity is facing another 401(k) lawsuit for alleged excessive fees as record keeper.
As previewed by ThinkAdvisor, Bill Mandia presented this past weekend at the National Conference of Insurance Legislators Spring Meeting in Nashville. Accompanying Rep. Joe Fischer (KY) and Rep. Martin Carbaugh (IN), Bill discussed the federal and state approaches to the sale of annuities and other retirement savings products.
The Illinois Investment Advisor Disclosure Act, which was introduced last year without any text, has been designated session sine die. The proposed legislation was thought to possibly follow the approach sought by New York and New Jersey, namely, broker-dealers having to disclose to clients at the time of a recommendation that they are not held to a fiduciary standard.
Staff at the California Public Employees’ Retirement System (CalPERS) are apparently opposed to the divestment of private prisons, according to a recent report. The CalPERS Investment Committee is expected to follow suit. Legislation forced the issue, but in almost all cases it is subject to a determination by the plan fiduciary that following such legislation comports with its fiduciary duties, often enshrined at the constitutional level.
Fund Fire interviewed me regarding industry concerns over the draft Nevada fiduciary proposal and its effect on broker-dealers and investment advisers. There are now murmurs of firms exiting, or rolling back services in, Nevada over the controversial regulation.